Tax cut billions fail to spur spending as CEOs safeguard profits

THE UNITED STATES' largest companies protected their profits following the 2017 tax cuts by using their savings to offset risings costs, including for labor, transportation and imports. / BLOOMBERG FILE PHOTO/ANDREW HARRER
THE UNITED STATES' largest companies protected their profits following the 2017 tax cuts by using their savings to offset risings costs, including for labor, transportation and imports. / BLOOMBERG FILE PHOTO/ANDREW HARRER
NEW YORK - Critics of President Donald Trump’s tax law centerpiece - slashing the corporate rate - argued the savings wouldn’t spur big companies to expand dramatically. One year later, some key metrics show they were right. For companies in the Standard & Poor’s 500 Index, the profits they’ve made from sales this year through…

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